ACLÆS 1ST-QUARTER PROFIT UP 54%
Atlantic Container Line reported a 54.3-percent increase in first-quarter net income, to SEK 54 million ($5.3 million), despite a drop in volumes and cargo capacity utilization.
ACL's first-quarter profit included a SEK 16 million ($1.6 million) non-monetary exchange loss. Operating income was SEK 764 million ($75 million), up 14.7 percent. Earnings before depreciation was SEK 146 million ($14.3 million), up 46 percent.
First-quarter volume fell 7.3 percent to 57,000 TEUs. Cargo capacity utilization was 72 percent, compared with 78 percent for the year-earlier period. Container and roll-on/roll-off volumes were down in westbound trade due to instability in the U.S. car volumes.
Freight rate levels improved 9 percent for containers and 6 percent for ro/ro and cars, ACL said.
ACL said that, despite current economic uncertainty, the company expects its full-year results to be in line with last year's.